Assessing and keeping an eye on your company’s suppliers is crucial and incredibly complicated. The contingent jumps to the rescue, armed with an $8.2 million check freshly printed by investors. The SaaS platform helps companies source more strategically and better manage supply chain risk and compliance.
“The typical on-board vendor questionnaire process is widely acknowledged to be fundamentally flawed. A huge amount of buyers’ and sellers’ time and resources are wasted collecting information from vendors, most of which is rarely read “Says Tai Alegbe, co-founder and CEO of Contingent. “Spotting risks is difficult, with companies relying on self-certification from suppliers and not having the time or information to verify claims. “
The company is addressing numerous compliance, supply chain and supplier challenges and reports potential risks.
“The company was created a long time ago. It built on the knowledge I had gathered from previous experiences, in and around third party risk, supply chain and procurement. It became very clear in previous ventures that there were common themes and challenges that the companies were facing,” Alegbe explains. “The supply chain is a particularly acute challenge for the world today. This is true for almost all companies and for governments as well.
The company aims to address many different categories of business risk, with the ultimate goal of increasing the resilience of the businesses it works with. The company examines risk from a supply side perspective, resilience from a financial perspective and corporate social responsibility (CSR) and an environmental, social and governance (ESG) perspective. It also aims to make sustainability central to the process. Overall, the company looks at the real risks that its customers might have in terms of their ability to deliver their product or service.
“At the heart of this, we are building a new category. We believe that supply chain and purchasing as a function will change dramatically over the next 5-10 years, where companies choose suppliers based on their values… companies choose to do business with others businesses aligned with their values, rather than just just their capabilities and costs,” predicts Alegbe. “And therefore, we see this as a new emerging category of compliance by design. We see ourselves as being at the heart of this change, and we can really help companies embrace this change. »
The round was led by Octopus Ventures, with participation from Connect Ventures, Concentric, Seedcamp, Ascension and Working Capital Innovation Fund. This brings the company’s total funding to date to $11 million, with a previous investment led by Connect Ventures. Contingent says its global customer base has grown more than 10x and its platform is used by procurement and supply chain teams at a star-listed companies including Monzo, Seagate, Huel, Barratt Developments plc and the UK government.